Thermax balance sheet

As of Mar 2026

Total assets: ₹13,282cr+10.3% on Mar 2025
Shareholders' equity: ₹5,579cr+12.9% on Mar 2025
Total debt: ₹2,288cr+35.1% on Mar 2025
Cash and investments: ₹1,951cr−1.7% on Mar 2025

₹ crore except per share

Tap a line for its trend	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Current assets
Non-current assets					FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	2,868	2,615	1,874	1,216
	1,392	561	519	434
	80.2	80.2	3.0	3.0
	99.5	111	28.6	29.2
	50.0	1.7	5.4	0.0
	9.3	9.7	19.1	16.4
	497	121	383	217
	3.8	4.6	4.3	4.7
	0.0	148	151	115
	652	544	235	183
	1,153	818	772	519
	175	154	109	109
	346	366	374	432
	6,173	4,716	3,705	2,758
	910	720	765	756
	1,277	1,568	1,363	1,393
	2,205	2,418	2,116	1,762
	674	418	487	453
	516	737	489	679
	1.3	1.3	1.1	2.5
	159	813	563	550
	4,832	5,954	5,019	4,839
	1,358	636	664	476
	7,109	7,313	6,448	6,072
	0.0	9.1	0.0	7.9
	13,282	12,038	10,153	8,839
Equity
	22.5	22.5	22.5	22.5
	5,527	4,914	4,417	3,846
	5,550	4,937	4,440	3,868
	29.2	5.7	0.0	2.2
	5,579	4,943	4,440	3,870
Liabilities
	1,616	1,162	789	423
	137	138	67.5	43.0
	1,753	1,353	905	496
	47.7	40.4	42.4	38.4
	40.2	30.0	12.3	2.9
	42.2	36.5	28.1	21.6
	1,883	1,460	988	559
	672	532	466	388
	2,057	1,697	1,533	1,498
	623	231	195	150
	3,353	2,459	2,194	2,036
	325	374	305	204
	32.4	91.2	41.1	24.4
	2,111	2,711	2,185	2,145
	5,820	5,635	4,725	4,409
	7,703	7,095	5,713	4,968
	13,282	12,038	10,153	8,839
Assets — additional as-filed lines
	9.1	2.1	0.5	1.2
Liabilities — additional as-filed lines
	0.0	54.4	48.2	30.8
Trade payables — MSME split
	938	750	—	—
	1,119	947	—	—
	0.0	54.4	—	—

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

THERMAX₹3,193.10

Thermax Ltd.

· Capital Goods & Defence

₹ CrorePeersBHEL TRITURBINE AIAENG APARINDS ESCORTS HONAUT PREMIERENE KEIMcap ₹35,970 Cr

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In ₹ Crore except Per Share As of	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Non-current Assets
+ Property, Plant & Equipment	1,216.0	1,874.5	2,615.2	2,867.9	2,867.9
+ Capital Work-in-Progress	433.8	519.4	560.8	1,391.8	1,391.8
+ Goodwill	3.0	3.0	80.2	80.2	80.2
+ Other Intangibles	29.2	28.6	110.5	99.5	99.5
+ Intangibles under Development	0.0	5.4	1.7	50.0	50.0
+ Investments (Equity Method)	16.4	19.1	9.7	9.3	9.3
+ Non-current Investments	216.8	382.6	121.0	497.5	497.5
+ Long-term Loans	4.7	4.3	4.6	3.8	3.8
+ Trade Receivables — Non-current	114.5	150.6	147.9	0.0	0.0
+ Other Non-current Financial Assets	183.4	234.9	544.1	652.2	652.2
Non-current Financial Assets	519.4	772.4	817.5	1,153.5	1,153.5
+ Deferred Tax Assets	108.6	108.6	154.4	174.7	174.7
+ Other Non-current Assets	432.2	374.0	366.0	346.4	346.4
Total Non-current Assets	2,758.5	3,704.9	4,716.0	6,173.3	6,173.3
Current Assets
+ Inventories	755.6	764.9	720.3	909.5	909.5
+ Current Investments	1,392.9	1,363.5	1,567.9	1,276.7	1,276.7
+ Trade Receivables	1,762.1	2,116.4	2,417.5	2,204.8	2,204.8
+ Cash & Cash Equivalents	452.8	486.6	417.7	674.5	674.5
+ Other Bank Balances	678.8	488.7	736.9	516.2	516.2
+ Short-term Loans	2.5	1.1	1.3	1.3	1.3
+ Other Current Financial Assets	550.5	562.7	812.9	158.6	158.6
Current Financial Assets	4,839.4	5,019.1	5,954.1	4,832.1	4,832.1
+ Other Current Assets	476.0	663.6	636.4	1,358.1	1,358.1
Total Current Assets	6,072.3	6,448.1	7,312.9	7,108.8	7,108.8
+ Assets Held for Sale	7.9	0.0	9.1	0.0	0.0
Total Assets	8,838.6	10,153.0	12,038.0	13,282.1	13,282.1
Equity
+ Equity Share Capital	22.5	22.5	22.5	22.5	22.5
+ Other Equity / Reserves	3,845.6	4,417.3	4,914.4	5,527.4	5,527.4
Equity — Owners of Parent	3,868.1	4,439.8	4,936.9	5,550.0	5,550.0
+ Minority Interest	2.2	0.0	5.7	29.2	29.2
Total Equity	3,870.2	4,439.8	4,942.6	5,579.2	5,579.2
Liabilities
+ Borrowings — Non-current	422.5	789.5	1,161.6	1,615.8	1,615.8
+ Other Non-current Financial Liab	43.0	67.5	137.5	136.7	136.7
Non-current Financial Liabilities	496.3	905.1	1,353.4	1,752.5	1,752.5
+ Provisions — Non-current	38.4	42.4	40.4	47.7	47.7
+ Deferred Tax Liabilities	2.9	12.3	30.0	40.2	40.2
+ Other Non-current Liabilities	21.6	28.1	36.5	42.2	42.2
Non-current Liabilities	559.2	987.9	1,460.4	1,882.6	1,882.6
+ Borrowings — Current	388.0	466.5	531.8	672.2	672.2
+ Trade Payables	1,497.9	1,532.9	1,696.6	2,057.4	2,057.4
+ Other Current Financial Liab	150.3	194.5	230.8	623.3	623.3
Current Financial Liabilities	2,036.2	2,193.9	2,459.2	3,352.9	3,352.9
+ Provisions — Current	203.7	305.3	374.1	324.5	324.5
+ Current Tax Liabilities	24.4	41.1	91.2	32.4	32.4
+ Other Current Liabilities	2,144.9	2,185.1	2,710.6	2,110.5	2,110.5
Current Liabilities	4,409.2	4,725.4	5,635.1	5,820.4	5,820.4
Total Liabilities	4,968.4	5,713.2	7,095.4	7,702.9	7,702.9
Total Equity & Liabilities	8,838.6	10,153.0	12,038.0	13,282.1	13,282.1
Assets — additional as-filed lines
+ Current Tax Assets	1.2	0.5	2.1	9.1	9.1
Liabilities — additional as-filed lines
+ Trade Payables — Non-current	30.8	48.2	54.4	0.0	0.0
Trade Payables — MSME split
+ Dues to Micro & Small — Current	—	—	749.8	938.2	938.2
+ Dues to Other Creditors — Current	—	—	946.9	1,119.2	1,119.2
+ Dues to Other Creditors — Non-current	—	—	54.4	0.0	0.0

As filed, sign as filed — read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown, so depth follows the filer: pre-Ind-AS, insurance and NBFC blocks stay hidden unless they were actually reported. Alternate tags for the same idea (e.g. two spellings of a deferred-tax element) are kept as separate lines rather than merged, because merging them would be a guess. Ratios, per-share figures and counts render as raw numbers, not ₹ Crore. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.